Today: 21.09.2018
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20.09.2018

Goldman Sachs’ new CEO reshuffles the top ranks.

Another round of musical chairs just shook the top ranks at Goldman Sachs. David Solomon, a part-time DJ who’s about to take the helm of the Wall Street behemoth, tapped longtime deputy John Waldron to be his No. 2 at the investment bank. Meanwhile, in a surprise move, Solomon also named Stephen Scherr, the 54-year-old...
Time: 13:36     Date: 13.09.2018
Last US Business News: Goldman Sachs’ new CEO reshuffles the top ranks. NY Post 24 - US News

David Solomon, a part-time DJ who’s about to take the helm of the Wall Street behemoth, tapped longtime deputy John Waldron to be his No. 2 at the investment bank. Meanwhile, in a surprise move, Solomon also named Stephen Scherr, the 54-year-old CEO of Goldman’s consumer-banking unit, as the bank’s chief financial officer, replacing Marty Chavez, who was named CFO only last year.

Chavez, 54, who was once the global co-head of the securities division’s strategy group, and then global co-COO of the stock selling group, will co-head the bank’s troubled division along with Ashok Varadhan and Jim Esposito. Chavez also will take on the additional role of vice chairman.

The C-suite shuffles, which confirm an exclusive report in July by The Post, are the latest from Solomon, whose naming as heir-apparent to CEO Lloyd Blankfein in March spurred the surprise departure of Harvey Schwarz, who had shared the No. 2 spot with Solomon.

Indeed, Thursday’s moves, outlined in an internal memo from Solomon and Blankfein obtained by The Post, buck the recent practice of naming two bankers to share the president and chief operating officer roles. They’re the latest after months of intrigue at the bank, as top bankers have unexpectedly left or been promoted, and the future leaders of the 149-year old bank are cast.

“John and Stephen will work closely with David to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture,” according to the memo.

Waldron, a 49-year-old confidante of Solomon who has earned the reputation of a straight shooter as the co-head of Goldman’s investment bank, has been with the bank since 2000.

Meanwhile Chavez is returning to a trading division that has struggled to make profits on par with peers like JPMorgan and Morgan Stanley for the past few years. Last quarter, the bank reported weak stock trading profits and reinforced worries that recent gains in bond trading were a fluke.

The announcement was made as the board was meeting at the company’s Manhattan headquarters — and comes 17 days before Blankfein is expected to step down after 12 years as CEO.

Business

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Opinion

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Living

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Business

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Metro

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Sport

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